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Meydan residential plot of land sells for record amount

Sale by Falcon Group founder said to be biggest residential land deal this year

By Abdul Rawuf

Mon 01 May 2017 08:30 AM

A plot of land in Dubai’s upmarket Meydan area has sold for a staggering AED60 million ($16.3 million) – the biggest residential land sale in the emirate this year, its agent claimed.

PH Real Estate Brokers (formerly PowerHouse Real Estate Brokers) said it had facilitated the sale of the 120,000 square foot plot, which sits directly in front of Meydan golf course and the central lakes and is reportedly among the largest residential freehold plots in Dubai.

The property was sold to an “eminent Emirati”, the agents said, adding that the seller was Falcon Group founder and chairman Kamel Alzarka.

The new buyer plans to build three custom-designed mansions for different family members, PH Real Estate said.

Managing director Nick Grassick said: “We are proud to have brokered such an exceptional sale for our clients.”

His colleague, PH Real Estate CEO Myles Bush, said: “There is nothing of this size that we know of in [other upmarket locations such as] Emirates Hills or on the Palm Jumeirah.

“These kind of high-profile transactions have a positive knock-on effect on the rest of the market.”

PH Real Estate said it also broke Dubai records in 2016 with the sale of an AED53 million ($14.4 million) residential property in Emirates Hills.

The last recorded high ticket residential transaction in Dubai was in February, when an Indian businessman was reported to have paid AED53 million ($14.4 million) on an Emirates Hills mansion with golf course view.